US Interest Rates
The Fed have been heavy handed in recent years with interest rates. Cutting them severely in 2001 and then raising them throughout 2004, 2005 and 2006.
With interest rates now at rock bottom this monetary policy tool is now blunt.
Source: Federal Open Market Committee (FOMC)
Read the latest Federal Open Market Committee (FOMC) interest rate press release
Last updated: 13/06/2018
Next update: 26/09/2018
Typical variable rate mortgages are 2% above the base rate.
Month | Base Rate | Typical Variable Mortgage Rate | Change | FOMC Press Releases | FOMC Minutes |
|---|---|---|---|---|---|
| Jun 18 | 2.00% | 4.00% |  0.25 | N/A | N/A |
| Mar 18 | 1.75% | 3.75% | 0.25 | N/A | N/A |
| Dec 17 | 1.50% | 3.50% | 0.25 | N/A | N/A |
| Jun 17 | 1.25% | 3.25% | 0.25 | N/A | N/A |
| Mar 17 | 1.00% | 3.00% | 0.25 | N/A | N/A |
| Dec 16 | 0.75% | 2.75% | 0.25 | N/A | N/A |
| Mar 16 | 0.50% | 2.50% |  0.00 | 16/03/2016 | N/A |
| Dec 15 | 0.50% | 2.50% | 0.25 | N/A | N/A |
| Sep 15 | 0.25% | 2.25% | 0.00 | 17/09/2015 | N/A |
| Mar 15 | 0.25% | 2.25% | 0.00 | 18/03/2015 | N/A |
| Jan 15 | 0.25% | 2.25% | 0.00 | 28/01/2015 | N/A |
| Dec 14 | 0.25% | 2.25% | 0.00 | 17/12/2014 | N/A |
| Oct 14 | 0.25% | 2.25% | 0.00 | 29/10/2014 | N/A |
| Sep 14 | 0.25% | 2.25% | 0.00 | 17/09/2014 | N/A |
| Jul 14 | 0.25% | 2.25% | 0.00 | 30/07/2014 | N/A |
| Jun 14 | 0.25% | 2.25% | 0.00 | 18/06/2014 | N/A |
| Apr 14 | 0.25% | 2.25% | 0.00 | 30/04/2014 | N/A |
| Mar 14 | 0.25% | 2.25% | 0.00 | 19/03/2014 | N/A |
| Jan 14 | 0.25% | 2.25% | 0.00 | 29/01/2014 | N/A |
| Dec 13 | 0.25% | 2.25% | 0.00 | 18/12/2013 | N/A |
| Oct 13 | 0.25% | 2.25% | 0.00 | 30/10/2013 | N/A |
| Sep 13 | 0.25% | 2.25% | 0.00 | 18/09/2013 | N/A |
| Jul 13 | 0.25% | 2.25% | 0.00 | 31/07/2013 | N/A |
| Jun 13 | 0.25% | 2.25% | 0.00 | 19/06/2013 | N/A |
| May 13 | 0.25% | 2.25% | 0.00 | 01/05/2013 | N/A |
| Mar 13 | 0.25% | 2.25% | 0.00 | 20/03/2013 | N/A |
| Jan 13 | 0.25% | 2.25% | 0.00 | 30/01/2013 | N/A |
| Dec 12 | 0.25% | 2.25% | 0.00 | 12/12/2012 | N/A |
| Oct 12 | 0.25% | 2.25% | 0.00 | 24/10/2012 | N/A |
| Sep 12 | 0.25% | 2.25% | 0.00 | 13/09/2012 | N/A |
| Aug 12 | 0.25% | 2.25% | 0.00 | 01/08/2012 | N/A |
| Jun 12 | 0.25% | 2.25% | 0.00 | 20/06/2012 | N/A |
| Apr 12 | 0.25% | 2.25% | 0.00 | 25/04/2012 | N/A |
| Mar 12 | 0.25% | 2.25% | 0.00 | 13/03/2012 | N/A |
| Jan 12 | 0.25% | 2.25% | 0.00 | 25/01/2012 | N/A |
| Dec 11 | 0.25% | 2.25% | 0.00 | 13/12/2011 | N/A |
| Nov 11 | 0.25% | 2.25% | 0.00 | 02/11/2011 | N/A |
| Sep 11 | 0.25% | 2.25% | 0.00 | 21/09/2011 | N/A |
| Aug 11 | 0.25% | 2.25% | 0.00 | 09/08/2011 | N/A |
| Jun 11 | 0.25% | 2.25% | 0.00 | 22/06/2011 | N/A |
| Apr 11 | 0.25% | 2.25% | 0.00 | 27/04/2011 | N/A |
| Mar 11 | 0.25% | 2.25% | 0.00 | 15/03/2011 | N/A |
| Jan 11 | 0.25% | 2.25% | 0.00 | 26/01/2011 | N/A |
| Dec 10 | 0.25% | 2.25% | 0.00 | 14/12/2010 | N/A |
| Nov 10 | 0.25% | 2.25% | 0.00 | 03/11/2010 | N/A |
| Sep 10 | 0.25% | 2.25% | 0.00 | 21/09/2010 | N/A |
| Aug 10 | 0.25% | 2.25% | 0.00 | 10/08/2010 | N/A |
| Jun 10 | 0.25% | 2.25% | 0.00 | 23/06/2010 | N/A |
| Apr 10 | 0.25% | 2.25% | 0.00 | 28/04/2010 | N/A |
| Mar 10 | 0.25% | 2.25% | 0.00 | 16/03/2010 | N/A |
| Jan 10 | 0.25% | 2.25% | 0.00 | 27/01/2010 | N/A |
| Dec 09 | 0.25% | 2.25% | 0.00 | 16/12/2009 | N/A |
| Nov 09 | 0.25% | 2.25% | 0.00 | 04/11/2009 | N/A |
| Sep 09 | 0.25% | 2.25% | 0.00 | 23/09/2009 | N/A |
| Aug 09 | 0.25% | 2.25% | 0.00 | 12/08/2009 | N/A |
| Jun 09 | 0.25% | 2.25% | 0.00 | 24/06/2009 | 15/07/2009 |
| Apr 09 | 0.25% | 2.25% | 0.00 | 29/04/2009 | 20/05/2009 |
| Mar 09 | 0.25% | 2.25% | 0.00 | 17/03/2009 | 08/04/2009 |
| Jan 09 | 0.25% | 2.25% | 0.00 | 28/01/2009 | 18/02/2009 |
| Dec 08 | 0.00% | 2.00% |  1.00 | 16/12/2008 | 06/01/2009 |
| Nov 08 | 1.00% | 3.00% | 0.50 | 29/10/2008 | 19/11/2008 |
| Oct 08 | 1.50% | 3.50% | 0.50 | 08/10/2008 | 19/11/2008 |
| Sep 08 | 2.00% | 4.00% | 0.00 | 16/09/2008 | 07/10/2008 |
| Aug 08 | 2.00% | 4.00% | 0.00 | 05/08/2008 | 26/08/2008 |
| Jun 08 | 2.00% | 4.00% | 0.00 | 25/06/2008 | 16/07/2008 |
| Apr 08 | 2.00% | 4.00% | 0.25 | 30/04/2008 | 21/05/2008 |
| Mar 08 | 2.25% | 4.25% | 0.75 | 18/03/2008 | 08/04/2008 |
| Jan 08 | 3.00% | 5.00% | 0.50 | 30/01/2008 | 20/02/2008 |
| Jan 08 | 3.50% | 5.50% | 0.75 | 22/01/2008 | 20/02/2008 |
| Dec 07 | 4.25% | 6.25% | 0.25 | 11/12/2007 | 02/01/2008 |
| Oct 07 | 4.50% | 6.50% | 0.25 | 31/10/2007 | 20/11/2007 |
| Sep 07 | 4.75% | 6.75% | 0.50 | 18/09/2007 | 09/10/2007 |
| Aug 07 | 5.25% | 7.25% | 0.00 | 07/08/2007 | 28/08/2007 |
| Jun 07 | 5.25% | 7.25% | 0.00 | 28/06/2007 | 19/07/2007 |
| May 07 | 5.25% | 7.25% | 0.00 | 09/05/2007 | 30/05/2007 |
| Mar 07 | 5.25% | 7.25% | 0.00 | 21/03/2007 | 11/04/2007 |
| Jan 07 | 5.25% | 7.25% | 0.00 | 31/01/2007 | 21/02/2007 |
| Dec 06 | 5.25% | 7.25% | 0.00 | 12/12/2006 | 03/01/2007 |
| Oct 06 | 5.25% | 7.25% | 0.00 | 25/10/2006 | 15/11/2006 |
| Sep 06 | 5.25% | 7.25% | 0.00 | 20/09/2006 | 11/10/2006 |
| Aug 06 | 5.25% | 7.25% | 0.00 | 08/08/2006 | 29/08/2006 |
| Jun 06 | 5.25% | 7.25% | 0.25 | 29/06/2006 | 20/07/2006 |
| May 06 | 5.00% | 7.00% | 0.25 | 10/05/2006 | 31/05/2006 |
| Mar 06 | 4.75% | 6.75% | 0.25 | 28/03/2006 | 18/04/2006 |
| Jan 06 | 4.50% | 6.50% | 0.25 | 31/01/2006 | 21/02/2006 |
| Dec 05 | 4.25% | 6.25% | 0.25 | 13/12/2005 | 03/01/2006 |
| Nov 05 | 4.00% | 6.00% | 0.25 | 01/11/2005 | 22/11/2005 |
| Sep 05 | 3.75% | 5.75% | 0.25 | 20/09/2005 | 11/10/2005 |
| Aug 05 | 3.50% | 5.50% | 0.25 | 09/08/2005 | 30/08/2005 |
| Jun 05 | 3.25% | 5.25% | 0.25 | 30/06/2005 | 21/07/2005 |
| May 05 | 3.00% | 5.00% | 0.25 | 03/05/2005 | 24/05/2005 |
| Mar 05 | 2.75% | 4.75% | 0.25 | 22/03/2005 | 12/04/2005 |
| Feb 05 | 2.50% | 4.50% | 0.25 | 02/02/2005 | 23/02/2005 |
| Dec 04 | 2.25% | 4.25% | 0.25 | 14/12/2004 | 04/01/2005 |
| Nov 04 | 2.00% | 4.00% | 0.25 | 10/11/2004 | 17/12/2004 |
| Sep 04 | 1.75% | 3.75% | 0.25 | 21/09/2004 | 12/11/2004 |
| Aug 04 | 1.50% | 3.50% | 0.25 | 10/08/2004 | 23/09/2004 |
| Jun 04 | 1.25% | 3.25% | 0.25 | 30/06/2004 | 12/08/2004 |
| May 04 | 1.00% | 3.00% | 0.00 | 04/05/2004 | 01/07/2004 |
| Mar 04 | 1.00% | 3.00% | 0.00 | 16/03/2004 | 06/05/2004 |
| Jan 04 | 1.00% | 3.00% | 0.00 | 28/01/2004 | 18/03/2004 |
| Dec 03 | 1.00% | 3.00% | 0.00 | 09/12/2003 | 29/01/2004 |
| Oct 03 | 1.00% | 3.00% | 0.00 | 28/10/2003 | 10/12/2003 |
| Sep 03 | 1.00% | 3.00% | 0.00 | 16/09/2003 | 30/10/2003 |
| Aug 03 | 1.00% | 3.00% | 0.00 | 12/08/2003 | 18/09/2003 |
| Jun 03 | 1.00% | 3.00% | 0.25 | 25/06/2003 | 14/08/2003 |
| May 03 | 1.25% | 3.25% | 0.00 | 06/05/2003 | 26/06/2003 |
| Mar 03 | 1.25% | 3.25% | 0.00 | 18/03/2003 | 08/05/2003 |
| Jan 03 | 1.25% | 3.25% | 0.00 | 29/01/2003 | 20/03/2003 |
| Dec 02 | 1.25% | 3.25% | 0.00 | 10/12/2002 | 30/01/2003 |
| Nov 02 | 1.25% | 3.25% | 0.50 | 06/11/2002 | 12/12/2002 |
| Sep 02 | 1.75% | 3.75% | 0.00 | 24/09/2002 | 07/11/2002 |
| Aug 02 | 1.75% | 3.75% | 0.00 | 13/08/2002 | 26/09/2002 |
| Jun 02 | 1.75% | 3.75% | 0.00 | 26/06/2002 | 15/08/2002 |
| May 02 | 1.75% | 3.75% | 0.00 | 07/05/2002 | 27/06/2002 |
| Mar 02 | 1.75% | 3.75% | 0.00 | 19/03/2002 | 09/05/2002 |
| Jan 02 | 1.75% | 3.75% | 0.00 | 30/01/2002 | 21/03/2002 |
| Dec 01 | 1.75% | 3.75% | 0.25 | 11/12/2001 | 31/01/2002 |
| Nov 01 | 2.00% | 4.00% | 0.50 | 06/11/2001 | 13/12/2001 |
| Oct 01 | 2.50% | 4.50% | 0.50 | 02/10/2001 | 08/11/2001 |
| Sep 01 | 3.00% | 5.00% | 0.50 | 17/09/2001 | 04/10/2001 |
| Aug 01 | 3.50% | 5.50% | 0.25 | 21/08/2001 | 04/10/2001 |
| Jun 01 | 3.75% | 5.75% | 0.25 | 27/06/2001 | 23/08/2001 |
| May 01 | 4.00% | 6.00% | 0.50 | 15/05/2001 | 28/06/2001 |
| Apr 01 | 4.50% | 6.50% | 0.50 | 18/04/2001 | 17/05/2001 |
| Mar 01 | 5.00% | 7.00% | 0.50 | 01/03/2001 | 17/05/2001 |
| Jan 01 | 5.50% | 7.50% | 0.50 | 31/01/2001 | 22/03/2001 |